During the latter part of the 20th century and the early 21st century, a consensus emerged that industrial polices were counterproductive. This view was a part of what was known as the "Washington Consensus".Unfortunately, economics goes through cycles as one fad after another becomes fashionable, at least until society painfully relearns the fundamental principles of economics. In recent years, industrial policy has come back into style in the US and indeed much of the world. But the new industrial policy...